BGC Group, Inc. Files Q3 2024 10-Q Report

TL;DR

BGC Group filed its Q3 10-Q. Financials look standard.

AI Summary

BGC Group, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific financial figures and operational details are presented within the report, which is a standard requirement for publicly traded companies.

Why It Matters

This 10-Q filing provides investors and analysts with a detailed look into BGC Group's financial health and operational performance for the third quarter of 2024, enabling informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Players & Entities

• BGC Group, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241108 (date) — Filing date
• 499 PARK AVENUE (location) — Company's business and mailing address
• NEW YORK (location) — Company's business and mailing city
• 212-610-2200 (phone_number) — Company's business phone number

FAQ

Key Financial Figures

• $0.01 — which registered Class A Common Stock, $0.01 par value BGC The Nasdaq Stock Market,
• $300.0 million — ld offer and sell up to an aggregate of $300.0 million of shares of BGC Class A common stock
• $250.0 m — rty or its subsidiaries to borrow up to $250.0 million, as amended on August 6, 2018, as
• $400.0 million — ch 8, 2024, to increase the facility to $400.0 million at a rate equal to 25 basis points less
• $255.5 million — iaries BGC Group 3.750% Senior Notes $255.5 million principal amount of 3.750% senior notes
• $288.2 million — Offer BGC Group 4.375% Senior Notes $288.2 million principal amount of 4.375% senior notes
• $500.0 million — Offer BGC Group 6.600% Senior Notes $500.0 million principal amount of 6.600% senior notes
• $347.2 million — , 2024 BGC Group 8.000% Senior Notes $347.2 million principal amount of 8.000% senior notes
• $44.5 million — the Exchange Offer on October 6, 2023, $44.5 million aggregate principal amount of the BGC P
• $11.8 million — the Exchange Offer on October 6, 2023, $11.8 million aggregate principal amount of the BGC P
• $450.0 million — TION BGC Partners 5.375% Senior Notes $450.0 million principal amount of 5.375% senior notes
• $350.0 million — 018 BGC Partners 8.000% Senior Notes $350.0 million principal amount of 8.000% senior notes
• $2.8 million — the Exchange Offer on October 6, 2023, $2.8 million aggregate principal amount of the BGC P
• $150.0 million — uirements Directive Credit Facility A $150.0 million credit facility between BGC Group and a
• $172 million — argo, being the banks which contributed $172 million between April 23, 2024 and April 24, 20

Filing Documents

• bgcp-20240930.htm (10-Q) — 3322KB
• bgcp-20240930xexx311.htm (EX-31.1) — 8KB
• bgcp-20240930xexx312.htm (EX-31.2) — 8KB
• bgcg-20240930xexx32.htm (EX-32) — 7KB
• bgcp-20240930_g1.jpg (GRAPHIC) — 36KB
• 0001628280-24-046648.txt ( ) — 17894KB
• bgcp-20240930.xsd (EX-101.SCH) — 136KB
• bgcp-20240930_cal.xml (EX-101.CAL) — 129KB
• bgcp-20240930_def.xml (EX-101.DEF) — 756KB
• bgcp-20240930_lab.xml (EX-101.LAB) — 1250KB
• bgcp-20240930_pre.xml (EX-101.PRE) — 1044KB
• bgcp-20240930_htm.xml (XML) — 2942KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Glossary of Terms, Abbreviations and Acronyms 2 ITEM 1

Financial Statements (unaudited)

Financial Statements (unaudited) 18 Condensed Consolidated Statements of Financial Condition—At September 30, 2024 and December 31, 2023 18 Condensed Consolidated Statements of Operations—For the Three and Nine Months Ended September 30, 2024 and September 30, 2023 19 Condensed Consolidated Statements of Comprehensive Income (Loss)—For the Three and Nine Months Ended September 30, 2024 and September 30, 2023 20 Condensed Consolidated Statements of Cash Flows—For the Nine Months Ended September 30, 2024 and September 30, 2023 21 Condensed Consolidated Statements of Changes in Equity—For the Three and Nine Months Ended September 30, 2024 and September 30, 2023 23 Notes to Condensed Consolidated Financial Statements 27 ITEM 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 80 ITEM 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 119 ITEM 4

Controls and Procedures

Controls and Procedures 121

—OTHER INFORMATION

PART II—OTHER INFORMATION ITEM 1

Legal Proceedings

Legal Proceedings 122 ITEM 1A

Risk Factors

Risk Factors 122 ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds 122 ITEM 3 Defaults Upon Senior Securities 122 ITEM 4 Mine Safety Disclosures 122 ITEM 5 Other Information 122 ITEM 6 Exhibits 123

Signatures

Signatures 124 Except as otherwise indicated or the context otherwise requires, as used herein, the terms "BGC," the "Company," "we," "our," and "us" refer to: (i) following the closing of the Corporate Conversion, effective July 1, 2023, BGC Group and its consolidated subsidiaries, including BGC Partners; and (ii) prior to the effective time of the Corporate Conversion, BGC Partners and its consolidated subsidiaries. See Note 1—"Organization and Basis of Presentation" to the unaudited Condensed Consolidated Financial Statements herein for more information regarding the Corporate Conversion, and refer to the "Glossary of Terms, Abbreviations and Acronyms" for the definitions of terms used above and throughout the remainder of this Quarterly Report on Form 10-Q. Table of Contents GLOSSARY OF TERMS, ABBREVIATIONS AND ACRONYMS The following terms, abbreviations and acronyms are used to identify frequently used terms and phrases that may be used in this report: TERM DEFINITION 2019 Form S-4 Registration Statement On September 13, 2019, BGC filed a registration statement on Form S-4 with respect to the offer and sale of up to 20.0 million shares of BGC Class A common stock in connection with business combination transactions, including acquisition of other businesses, assets, properties or securities 2023 Deed of Amendment On July 12, 2023, Sean Windeatt executed a Deed of Amendment amending his existing Deed of Adherence with the U.K. Partnership regarding his employment Adjusted Earnings A non-GAAP financial measure used by the Company to evaluate financial performance, which primarily excludes (i) certain non-cash items and other expenses that generally do not involve the receipt or outlay of cash and do not dilute existing stockholders, and (ii) certain gains and charges that management believes do not best reflect the ordinary results of BGC ADV Average daily volume Americas United States and other countries included in North America and South

View Full Filing

View this 10-Q filing on SEC EDGAR